Running a law firm is a complex undertaking that requires a lot more than filing briefs or showing up in court. From managing cases to meeting with clients and keeping up with all your firm’s administrative processes, tasks and processes can slip through the cracks. While it may not seem like the most pressing thing on your plate, don’t underestimate … Read More
CosmoLexPay Lets You Meet Your Clients Where They Are
These days, even seemingly antiquated agencies like the Department of Motor Vehicles allow you to renew your license and registration and pay online with just a few clicks. It sure beats waiting in line with your checkbook. Accordingly, consumer demand for digital payment options has grown significantly. How can your law firm take advantage of this widespread transition to digital … Read More
Simplify Year-End Accounting: 4 Tips to Optimize Your Accounts Payable
The new year can sneak up fast, so it pays to make a plan to tackle those eleventh-hour tasks now instead of waiting until the last minute. After all, the end of the year should be a time of relaxation and restoration, not a time to burn the midnight oil while drinking endless cups of coffee at the office. Get … Read More
Maximize Your Law Firm’s Cash Flow Before Dec. 31
As you probably already know, the survival of any law firm depends on a healthy and uninterrupted cash flow. After all, if you can’t reliably cover your overhead, including salaries and vendor contracts, you can’t keep the lights on (or whatever the equivalent is if your firm offers remote or hybrid working). You also can’t reinvest in your business. Your … Read More
8 Common Trust Accounting Mistakes Made by Lawyers and How to Avoid Them
Trust accounting is one of the most onerous law firm tasks. Errors, even unintentional ones, can be damaging to attorneys and firms. No one wants that. So let’s dive right into the top mistakes lawyers can make with trust accounting, tips for avoiding those mistakes, and best practices to ensure your firm protects its reputation and doesn’t become a cautionary … Read More
Back to Basics: Legal Accounting vs. General Accounting
When it comes to keeping accurate records of your law firm’s accounts, it’s essential to make sure you’re using tools for the job that give you a clear picture of your firm’s performance and meet your legal, regulatory, and ethical requirements. Many firms, however, use outdated accounting methods or an assortment of industry-agnostic tools that don’t account for the unique … Read More
Avoid These Common Billing and Collection Inefficiencies (and Increase Your Cash Flow)
Money makes the world go ‘round—and that includes law firms. And that’s why billing and collection processes are a critical aspect of running a law firm of any size. Yet many small law firms and solo practices struggle with billing and payments because they operate with fewer resources than their larger counterparts. The result? Inefficient workflows and cash flow problems. … Read More
QuickBooks vs. CosmoLex: Keeping Eyes on Your Business Health with Advanced Reporting
Reporting is an integral part of maintaining any business’s financial health. Running financial reports helps businesses determine whether they’re pricing goods and services accurately and gives them insights into which future business decisions could be most profitable. Detailed reports are often required for businesses to prepare for an audit or when taxes are due. And for law firms, producing specific … Read More
What Is Legal Process Automation?
Most attorneys can cleanly split their work week up into two sets of tasks: billable items like research or arguing cases in court, and non-billable tasks including generating invoices and following up on client emails. Completing non-billable administrative tasks is necessary for firms to function, but these time-consuming items can decrease revenue potential and boost costs. What if there were … Read More